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Philippines raising P70 billion for unprogrammed COVID-19 vaccine funds
The Department of Finance (DOF) has detailed the funding sources for the P82.5 billion national COVID-19 vaccination program, assuring it is sufficient to inoculate 50 million Filipinos.
The allocated P82.5 billion under the 2021 General Appropriations Act is intended to cover approximately 55% of the Philippine population.
P2.5 billion of the total budget will be drawn from the Department of Health's (DOH) 2021 budget.
An additional P10 billion will be sourced from the COVID-19 vaccination program allocation under Republic Act No. 11494, also known as the Bayanihan To Recover As One Act or Bayanihan 2.
The remaining P70 billion will be secured through loans from multilateral lenders, bilateral partners, and the domestic market.
The DOF is also processing around P62.5 billion in loans from multilateral banks, including the Asian Development Bank (ADB), World Bank (WB), and Asian Infrastructure Investment Bank (AIIB), specifically for the procurement of COVID-19 vaccines for adult Filipinos.
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The Philippines has pledged USD100,000 to the COVAX Facility, as announced by Foreign Affairs Secretary Teodoro Locsin Jr.
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The Philippines has secured 19.6 million doses of the Oxford-AstraZeneca vaccine through a tripartite agreement involving the national government, local government units, and the private sector.
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